SAMA Seeks Public Input On Draft Regulations For E-Wallets

The Saudi Central Bank (SAMA) launched the draft regulations for opening e-wallets on the public consultation platform (Istitlaa), seeking public opinion.

The bank stated that this step aligns with its supervisory and regulatory roles, ensuring compliance with relevant laws and regulations. SAMA has set several regulatory requirements for licensed e-money companies to open e-wallets for customers. These requirements aim to protect sector participants and support service providers in improving their services, enhancing the activity's safety and stability.

The bank added that feedback on the draft rules will be accepted over a 15-day period, after which the comments will be reviewed to finalize the draft.

Currently, there are 11 licensed e-money companies providing e-wallet services, with the total number of e-wallets exceeding 21 million in the Kingdom.